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Unless otherwise indicated or the context otherwise requires, references in this Item 1. Business section to the combined company, we, us and other similar terms refer to Alpha Metallurgical Resources, Inc. and its consolidated subsidiaries (previously Contura Energy, Inc. and its consolidated subsidiaries).
The business is unprofitable at the operating level (-2.88% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 28.0% YoY. Margins deteriorated 10.6pp alongside, both lines moving the wrong way.
Free cash flow declined 95% versus the prior year, cash generation momentum has weakened. ROIC dropped from 12.58% to -3.00%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$2.12B
▼ -28.0% YoY
Net Income (TTM)
-$39M
▼ -132.9% YoY
Op. Margin
-1.49%
▼ -10.6pp YoY
ROIC
-1.58%
▼ -15.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$22M
▼ -95.3% YoY
Op. Cash Flow (TTM)
$152M
▼ -75.0% YoY
Net Debt
-$351M
Net Cash Position
Cash & Equiv.
$367M
5Y CAGR: +8.5%
5Y CAGR: +13.0%
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